Trump's huge tax cuts

If you'd like to take a break from the made-for-TV thrills of the Republican convention, TPC has prepared a series of bite-sized explanations of Donald Trump's tax plan. We'll be running them daily while the GOP is gathering in Cleveland. Next week, when Democrats are having their get-together in Philadelphia, TPC will do the same for Hillary Clinton.

Presumptive Republican presidential nominee Donald Trump’s tax plan would slash taxes for individuals and businesses. Trump would quadruple the standard deduction to $50,000 for couples ($25,000 for singles) and collapse the current seven individual income tax brackets, which range from 10 percent to 39.6 percent, into three: 10, 20, and 25 percent. That would cut the top tax rate 14.6 percentage points, or more than a third.